Search
 

Westin Beechwood Open After Foreclosure

FT.WORTH, TX-After failing to restructure loans, the highly-touted $43-million Westin Beechwood hotel goes into a foreclosure. CoServ Realty Holdings, the property's lender, takes over ownership of the hotel from Beechwood Co.

By Barbra Murray | Updated on December 13, 2001

FT.WORTH, TX-After opening the 286-room luxury Westin Beechwood hotel in early October with great fanfare and high hopes, the owner of the property has succumbed to foreclosure. Lender CoServ Realty Holdings, a CoServ Electric subsidiary, has taken over possession from Beechwood Co. and is now the owner of the $53.5-million hotel and the Creeks at Beechwood golf course.

CoServ officially purchased the hotel and golf course in a Denton County auction. The properties are billed as the centerpieces of the developing 902-acre Beechwood Business Park.

Both the hotel and the golf course — located at State Highway 114 and Interstate 35W, just across from the Texas Motor Speedway — are still open and remain under the management of White Plains, NY-based Starwood Hotels and Resorts Worldwide, Inc. The changeover occurs following failed negotiations over restructuring the multi-million dollar package of loans on the properties.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.